December 8, 2023 Pioneer High Yield Fund Boston, Massachusetts 02109 Pioneer Series Trust VII Boston, Massachusetts 02109 Ladies and Gentlemen:Pioneer High Yield Fund • January 11th, 2024
This opinion is furnished to you pursuant to paragraph 8.4 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of December 8, 2023, by and among Pioneer High Yield Fund, a Delaware statutory trust (the “Acquiring Fund”) and Pioneer Series Trust VII, a Delaware statutory trust (the “Acquired Trust”), on behalf of its series Pioneer Global High Yield Fund (the “Acquired Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement. The Agreement contemplates (1) the transfer of all the Acquired Assets to the Acquiring Fund in exchange solely for (a) the issuance to the Acquired Fund of the number of Acquiring Fund Shares, including fractional Acquiring Fund Shares, of each class with an aggregate NAV equal to (x) the aggregate NAV of the corresponding class of the Acquired Fund Shares (determined as set forth in paragraph 1.4 of the Agreement), less (y) the value of the shares of such class of the Acquired Fund, if any,
